Coronavirus: Australia leads global economic fightback, and property will signal the way out

first_imgPer capita Australia ranked second, behind Germany, as being the best placed nation to ride out the economic downturn, while as a percentage of GDP it ranked third, surpassed only by Germany and Japan.PRD chief economist Dr Diaswati Mardiasmo told The Courier-Mail that the numbers showed that Australia’s fiscal policy had put the coutry in a strong position for recovery. Empty parks and streets in Brisbane City due to social distancing rules linked to the Coronavirus pandemic. Picture: Russell ShakespeareAustralia is among the top three countries in the world best placed to ride out the economic fallout of COVID-19, with experts predicting property will signal the recovery.A report by PRD Nationwide called “Developed Country Response to COVID-19”, looked at all G20 nations and their packages designed to bolster economies and jobs (in USD). 1. Germany 21.4% $825.99billion2. Japan 14.5% $747.89325 billion3. Australia 14.4% $197.6576 billion (Source: PRD Nationwide) FOLLOW SOPHIE FOSTER ON TWITTER Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours ago First look: Karl and Jasmine’s $3.6m Noosa retreat Simon Pressley, the head of Propertyology, a buying agency, expected the crisis to mirror those of the past, where the rebound began “with a real estate surge before anything else”.He said shelter was the one thing 25.5 million Australians had in common, and the way to build confidence en masse was around the value of people’s homes. “A strong property market will again lead Australia out of this latest coronavirus health crisis, potentially starting as soon as six months’ time.”Mr Pressley expected the coming months to lead to record low transaction volumes, coming off supply that was already tight in the lead-up to the epidemic. Germany $9,890.08Australia $7,842.56United States $6,077.83 (Source: PRD Nationwide) Stimulus as % of GDP (USD) India 38,000,000Mexico 18,000,000China 5,000,000Canada 4,000,000Germany 1,400,000Australia 750,557 (Source: PRD Nationwide) QLD leads with COVID-19 rental assistance “Against other developed countries Australia’s stimulus package as a percentage of 2019 GDP (14.4 per cent) is on the higher end, above the US and Canada, and significantly higher than our neighbours New Zealand,” Ms Mardiasmo said. Walkers are urged not to press buttons at crossings as part of moves to flatten the coronavirus curve in Brisbane.“From a stimulus per capita perspective, Australia is in a strong position, only second to Germany. We are well ahead.”She said taking the number of jobs lost (750,557) and the stimulus package as a percentage of 2019 GDP, Australia had a strong ability to provide the population financial assistance. “In some instances more favourably compared toother countries.” It was the stimulus packages and ability of the country to keep people employed in the property sector that underpinned the relative strength when compared with other parts of the economy that had been dramatically hit, she said. Number of Job Losses Stimulus Per Capita (USD) “Let’s not forget that Australian real estate already had a significant shortage of properties listed for sale before this virus tipped our communities upside down.”Yet unlike the previous GFC, he said, this time credit policy was so tight in Australia that the quality of loans approved in the past few years was “exceptionally high”.He said the variety of support packages plus record low interest rates and empathetic banks “will cushion property owners through this and greatly minimise the need for distressed residential property sales”. “As winter becomes spring, and spring becomes summer, we will all come bursting out of our cocoons with a renewed sense of freedom. There will be an enormous release of pent-up demand for goods and services. For property it’s likely to be akin to a flock of seagulls fighting over a chip.”Among the financial assistance being provided is the JobKeeper payment ($1,500 a fortnight for business ownes), JobSeeker payment ($550 fortnight for those who have lost their jobs) and the coronavirus supplement ($550 fortnight, tops up the JobSeeker payment). MORE: Home values rise despite coronavirus falloutlast_img read more

Triple talaq: India court bans Islamic instant divorce

first_imgBBC News 23 August 2017India’s top court has ruled the practice of instant divorce in Islam unconstitutional, marking a major victory for women’s rights activists.In a 3-2 majority verdict, the court called the practice “un-Islamic”.India is one of a handful of countries where a Muslim man can divorce his wife in minutes by saying the word talaq (divorce) three times.The landmark court decision came in response to petitions challenging the so-called “triple talaq” custom.The cases were filed by five Muslim women who had been divorced in this way and two rights groups.Women’s rights campaigners have hailed the court’s decision as a historic win.READ MORE:

Blatter Opposed to Joint World Cup Bids Amid 2026 Proposals

first_imgUnited States, Canada and Mexico have made a joint bid while Morocco has also bid to host the event.“To have three big countries together… they have proven they can host it alone, so why are the three together?” Blatter told Mani Djazmi, from the BBC’s World Football programme.Disgraced former president Blatter was in charge of football for 17 years until he was banned amid a corruption scandal in 2015.The World Cup has only been staged in more than one country once when it was co-hosted by South Korea and Japan in 2002, a tournament Blatter says was a “nightmare in organisation”.He said joint bids were denied from Libya and Tunisia for the 2010 tournament, and Spain and Portugal, and Belgium and the Netherlands for 2018, because of a decision from Fifa not to consider a “combined organisation”.Blatter has also criticised a taskforce introduced for the 2026 bidding process which has the power to exclude a bid to host the competition before the vote at FIFA’s congress.“They cannot do that,” Blatter said.“Even if one of the candidates is not a good one, they have the right to be at the congress.“That’s why I’m advocating that Morocco has to go to the congress. Morocco cannot be kicked out before the congress.”Blatter was banned for eight years, later reduced to six, over ethics breaches when he was found to have made a £1.3m “disloyal payment” to ex-UEFA boss Michel Platini.Asked if he said he was confident of clearing his name Blatter said “yes, absolutely”.“What I have done – or what we have done?” he added. “We have decided to pay a salary which we promised to pay him and it has been in all the books of FIFA.“What’s not moral about paying a salary to somebody? It’s a contrary, and it will not stand in a tribunal, absolutely not.”At the end of 2015 Blatter said he was “close to dying” following the ethics scandal.“It was not an illness, it was just a shock,” Blatter said on those comments. “Fortunately for me my heart and my brain were always functioning and the rest is not so important.”Blatter said he would “definitely not” return to FIFA if his ban was overturned and said he was “disappointed” that “discussions” of a Nobel Peace prize ended when he was suspended.“There was no reason to suspend me – history will show it. The idea was never the Nobel Prize for me, but for FIFA, for the activity we have done in FIFA.”He was asked what he would say to people who may question why he should be given airtime at all, given his ban from football: “I would say to those people, they should go to the big philosophers and humanists down through history and before and after Christ,” he answered.“Confucius, Buddha, Jesus, Socrates, Mohammed. The one thing they have said, altogether they have said, is don’t judge, otherwise you will be judged.”Blatter has also criticised FIFA’s plan for a League of Nations, saying “the rich will become richer, and those who have less, they remain poor” due to the tournament.The new global league would effectively end international friendlies and see teams play competitive games against regional neighbours.UEFA’ has already initiated its own Nations League, which begins after the World Cup.“This is not the idea in the development programmes we started 30 or 40 years ago,” Blatter said.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Former FIFA president Sepp Blatter has reiterated his view that World Cups should be staged in one country rather than co-hosted by multiple nations.Blatter, 82, said football’s world governing body is now interested in co-hosted World Cups because it wants to increase the tournament to 48 teams.A decision on the hosts of the 2026 World Cup will be made on 13 June.last_img read more